Sitoyo Lopokoiyit who is the head of Safaricom’s financial services division, will now head the newly formed joint venture with South Africa’s Vodacom Group that will run the lucrative M-Pesa platform.
“To realise our ambition, the M-Pesa Africa Joint Venture will be steered by a team of five leaders consisting of the commercial director, finance director, technology director, head of compliance and risk and the chief of financial services, Safaricom,” the giant telco said in a statement.
“This team will be led by/report directly to Sitoyo Lopokoiyit.”
Safaricom and Vodacom completed the acquisition of the M-Pesa brand from UK multinational Vodafone Group Plc for a whooping Sh1.4 billion in April.
Safaricom said the joint venture will drive the next generation of the M-Pesa platform — an intelligent, cloud-based platform for the smartphone age. “The transaction, which was first announced in 2019, will accelerate M-Pesa’s growth in Africa by giving both Vodacom and Safaricom full control of the M-Pesa brand, product development and support services as well as the opportunity to expand M-Pesa into new African markets,” the firm said in a statement.
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